India's SpiceJet partners with FTAI Aviation to restore fleet (updated)

FTAI Aviation

08/06/2023 05:53

(Adds details on the partnership in paragraph 2, background in
subsequent paragraphs)
       BENGALURU, June 8 (Reuters) - India's SpiceJet  SPJT.NS 
said on Thursday that FTAI Aviation  FTAI.O  would lease it up
to 20 engines, the first few of which the low-cost carrier would
use to reactivate some of its grounded fleet over the next 2-3
months.
    The partnership with the U.S.-based engine services provider
"will reduce maintenance expense and minimise aircraft downtime,
enhancing the airline's overall performance," Spicejet said in a
statement.
    The Gurugram-based airline said last month it had begun to
revive 25 of its grounded fleet using its own money and a $50
million line of credit through an Indian government scheme it
secured.            
    SpiceJet had also said there were no plans to file for
insolvency, quelling fears of a spillover after rival Go
Airlines (India) filed for voluntary bankruptcy.
   

 (Reporting by Rama Venkat in Bengaluru; Editing by Janane
Venkatraman)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;
 +91 8095218099;))